Merit Packaging Limited Announces Director Elections in Upcoming Extraordinary General Meeting

Karachi, Merit Packaging Limited has scheduled an Extraordinary General Meeting (EOGM) for Monday, May 06, 2024, in Karachi, with provisions for electronic attendance through a video link facility. The primary agenda for the meeting is to elect seven directors for a term of three years, in alignment with Section 159 of the Companies Act, 2017. This decision comes as the tenure of the current directors concludes on May 04, 2024.

The directors up for re-election include Mr. Iqbal Ali Lakhani, Mr. Amin Mohammed Lakhani, Ms. Anushka Lakhani, Mr. Aftab Ahmad, Mr. Agha Shah Waliullah, Mr. Farrukh Shauket Ansari, and Mr. Ahmed Munaf. Their eligibility for re-election has been confirmed, following the guidelines stipulated by the Companies Act, 2017.

Share transfer books will remain closed from April 27, 2024, to May 06, 2024, with April 26 marked as the cutoff for transfers to be recognized for EOGM participation. Members wishing to attend the EOGM physically or through video conferencing are required to register with the Company Secretary’s office by May 04, providing relevant personal details to receive login credentials for the meeting.

The election will categorize the directors into three distinct categories: one female director, two independent directors, and four other directors. Candidates are required to submit their intention to contest, along with necessary documentation, to the Company Secretary 14 days prior to the EOGM. The documentation includes a consent to act as a director, a detailed profile, compliance declarations, and, for independent director candidates, additional declarations and undertakings as per the Companies (Manner and Selection of Independent Directors) Regulations, 2018.

Furthermore, the company has outlined the procedures for appointing proxies, updating shareholder addresses, converting physical shares into book-entry form, and unclaimed dividends or shares. Members are encouraged to provide email addresses and cellphone numbers to facilitate communication and compliance with the Companies Act, 2017.

Voting through electronic voting or postal ballot will be available if the number of candidates exceeds the fixed director positions, with detailed instructions and timelines provided to ensure members’ participation in the electoral process.

Merit Packaging Limited emphasizes the importance of independent directors in compliance with the Listed Companies (Code of Corporate Governance) Regulations, 2019, ensuring the elected directors meet the core competencies, diversity, skill set, knowledge, and experience required for the company’s growth and governance.